Greif to divest 50 per cent stake in Flexible Packaging for $123M

December 11, 2017 By İmitation Paper Off

Greif, Inc. announces that it’s entered into a definitive agreement to divest its 5 hundredth share at intervals the versatile Packaging venture, or “FPS” to Gulf Refined Packaging (GRP) for an entire cash thought of $123 million, subject to positive conditions and post-closing changes. Greif expects to use the payoff for debt compensation. “While we have worked closely with our venture partner, each partner management utterly totally different views of the suitable path forward for the Federal Protective Service business,” same Pete Watson, Greif’s President and Chief officer. “As a result, we’ve an inclination to entered into a technique to check one owner associated used our disciplined capital allocation framework that resulted in associate agreement to sell our possession stake to GRP for vital value. i would opt to impart our Federal Protective Service colleagues for his or her labor over the last eleven years and for his or her continued commitment to the business throughout the transition ahead.” The dealing is anticipated to shut by March thirty one, 2022 at that purpose Greif will alter its business 2022 steering for the divestiture. .Greif may well be a world leader in industrial packaging product and services and is following its vision: In industrial packaging, be the best playing consumer service company at intervals the globe. the company produces steel, plastic and fibre drums, intermediate bulk containers, remodeled containers, versatile product, containerboard, uncoated recycled poster board, coated recycled poster board, tubes and cores and a varied mixture of specialty product.